POET Technologies (NASDAQ:POET) Shares Down 7.8% - Time to Sell?

Key Points

• POET Technologies shares fell 7.8% on Wednesday, trading as low as $7.79 with volume well below normal levels.
• Analysts remain bearish: Wall Street Zen downgraded the stock to sell, Weiss Ratings reaffirmed a sell rating, and the consensus price target is $8.00.
• The company recently reported a Q1 EPS miss of -$0.08 versus -$0.04 expected, though revenue of $0.5 million beat estimates; analysts expect a loss of $0.24 per share for the full year.

Shares of POET Technologies Inc. (NASDAQ:POET - Get Free Report) fell 7.8% during trading on Wednesday . The company traded as low as $7.79 and last traded at $7.7190. Approximately 7,031,296 shares were traded during mid-day trading, a decline of 72% from the average session volume of 24,688,260 shares. The stock had previously closed at $8.37.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wall Street Zen downgraded shares of POET Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, April 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of POET Technologies in a research report on Friday. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of "Sell" and a consensus price target of $8.00.

POET Technologies Stock Performance

The company has a 50-day simple moving average of $11.59 and a two-hundred day simple moving average of $8.70. The firm has a market capitalization of $1.19 billion, a P/E ratio of -10.74 and a beta of 0.75.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.04). POET Technologies had a negative return on equity of 27.24% and a negative net margin of 5,786.60%.The firm had revenue of $0.50 million during the quarter, compared to the consensus estimate of $0.25 million. As a group, research analysts forecast that POET Technologies Inc. will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On POET Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Advisor Group LLC bought a new stake in shares of POET Technologies during the 4th quarter valued at $2,707,000. Raymond James Financial Inc. increased its stake in shares of POET Technologies by 75.1% in the 3rd quarter. Raymond James Financial Inc. now owns 413,333 shares of the company's stock worth $2,290,000 after acquiring an additional 177,341 shares in the last quarter. Federation des caisses Desjardins du Quebec increased its stake in shares of POET Technologies by 33.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 618,604 shares of the company's stock worth $3,910,000 after acquiring an additional 155,428 shares in the last quarter. Jump Financial LLC purchased a new position in POET Technologies during the 2nd quarter valued at about $619,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in POET Technologies during the 1st quarter valued at about $598,000. Hedge funds and other institutional investors own 1.99% of the company's stock.

POET Technologies Company Profile

POET Technologies Inc is a Canadian fabless semiconductor company focused on the development and commercialization of integrated silicon photonics platforms. Leveraging proprietary POET Optical Interposer™ technology, the company designs and manufactures optical input/output (I/O) solutions that enable high-bandwidth, low-power data transmission between electronic chips and fiber-optic networks. By integrating optical waveguides, lasers, detectors and electronic drivers onto a single chip, POET aims to address the growing demand for faster, more energy-efficient data connectivity in telecommunications, data centers and high-performance computing applications.

The company’s core products include silicon photonics interposer arrays, active optical cables and optical transceiver modules.

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